Wills Asn1

MEMORANDUM Date: October 4, 2012 Re: fair game bulge relevant Facts Our client, Mark Down (Mark), we did a Will for him that pass water all of his assets to his children. He also executed a berth of practice of lawyer, giving his son, Slowe, the originator to handle all of his monetary assets. Marks health is starting to deteriorate and although hes lighten healthy, Slowe is overturned that Mark may need Medicaid assistance sometime in the future. Therefore, he trusts to try to sequestrate Marks assets (a $300,000 brokerage account) from his name and have got his assets to his children. Issue Presented The issue in this case is under touchy York state law, is there a limit on what a psyche can do as power of lawyer as it pertains to financial and demesne planning. It is matter whether Slowe can get through Marks assets and distribute to himself and the other beneficiaries prior to attach wipe expose by gifting to ensure minimization of income for Me dicaid assistance. Applicable law of nature In the Matter of Ferrara, 7 N.Y.3d 244 (N.Y. 2006), the dead person had willed his estate to the Salvation Army. He became ill, and had his brother and his nephew appointed as power of attorney. Later, the nephew drew up a new petty from DPOA where he was pretendn unlimited gifting ability and had it signed by the decedent.

The nephew because talented to himself over $800,000 over the next three weeks, at which time, the decedent died. The Salvation Army sued for the money. The court cited the following statutes: N.Y. Gen. Oblig. Law § 5-1502 [M], Permits an attorney-in-fact to give gifts to family members not to exceed the aggregat e of $ 10,000 to each person in any year. Ho! wever, under N.Y. Gen. Oblig. Law § 51503 the statutory on the sticker of the moment form was augmented to remove the $10,000 limitation, an attorney-in-fact had to make gifts in the principals trump interest, which was interpreted by N.Y. Gen. Oblig. Law § 5-1502, gifts to carry out the principals financial, estate, or tax plans. The court stated this exception which...If you want to endure a full essay, order it on our website: OrderEssay.net

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